It's not bad at all. I do engineering at Melbourne and I can tell you that engineering is taught extremely well compared to other subjects I've done, particularly physics.
PROS:
- The subjects are very rigidly structured and covered thoroughly, leaving no room for the "did we even learn that?" type stuff you experience in high school and, in my experience, physics. This also helps for revising as you can learn things in chunks and not have to worry about half-developed understandings for a few lectures.
- Electrical engineering is taught particularly well.
- The engineering labs are class.
- ESD1 (the first engineering subject - sem1 year1) is nigh on useless. This sounds like a con, but it's actually a pro because it isn't a prerequisite so you can just skip it.
- Even though the whole prestige thing isn't as relevant to our generation, people in high positions at big companies are often fairly old and many still hold Melbourne in much higher regard despite their company's position (as I heard when talking to somebody right near the top of one of the major engineering firms in aus: "it's always good to get a Melbourne student; you know they're going to be gung-ho.")
- You get to take 4-6 of your subjects from another faculty (environments engies are in the interesting position of being able to take some subjects similar to engineering as breadth, I believe).
- You learn an extra year's worth of stuff at a level higher than standard 4th year (...5th year, surprise surprise).
CONS:
- You have to take 4-6 of your subjects from another faculty. Most people I know love breadth, but it seems like a waste of time until you get to uni and realise they've crammed all the necessary stuff for you to learn into a few subjects (beginners electrical, mechanical and software engineering all in one subject; 2nd year electrical engineering in one subject; 2nd year mechanical engineering in one subject; etc) and you have fark all else you need to do. That and it lightens your workload considerably (or increases it if you pick a particularly hard breadth, but that's all your choice).
- It takes an extra year.
- You have to get into masters (65% average over your major subjects).
- You have to take first year physics (terrible subjects, but you can drop it after first year).
- ESD2 (the second eng subject you take) is apparently really hard. I didn't mind it, but there was a 34% fail rate this year.
Not that I put a massive amount of emphasis on rankings, but since Melbourne is ranked much higher than Monash and RMIT in all of them, what would prompt you to think Melbourne is worse? It's really hard to compare universities unless you attend both of them, so most of the whinging about Melbourne by non-Melbourne students is along the lines of "Bawww Melbourne Model" with a healthy dose of Change Is Bad. As for RMIT...I have a mate who transferred from Melbourne engineering to RMIT engineering. He says the standard is much higher at Melbourne, but he never got any work done here because he was always out drinking.

Re Synchrotron: ...I have no idea how having one of those would benefit me. lol